What is Amazon KYC audit? Many new partners don’t know what this means. They have not undergone KYC review. What conditions will trigger KYC review? Today, we will summarize the matters reviewed by KYC. Let Amazon sellers know and be prepared.
First of all, the full name of KYC audit is know you customer, so KYC audit is not an account audit, but a legal person audit. This is the second audit Amazon has issued to prevent money laundering. Of course, this review isn’t done on all of Amazon’s sites. There will be KYC audit only in the European station, which is why some sellers do not undergo KYC audit.
1. What are the triggering conditions for Kyc review?
If the sales volume of your European station reaches 5,000 euros, the KYC review will be triggered.
Replacement information: address information, legal person information. Contact information. Payment method. Especially when changing payment information, KYC audit may be triggered.
2. What are the pitfalls of KYC audit?
Do not submit false information and do not try to rely on PS to pass the audit. Amazon’s audits are very strict. The information we submit must be accurate, true and valid. Otherwise, the editor really can’t tell what will happen to the account.
Submit data within 14 days after triggering KYC review. There will be penalties if data preparation is incomplete. Therefore, as long as you are a partner of the European station, no matter whether you trigger the KYC audit or not, you must prepare data in advance.
3. What are the KYC audit materials?
1. Scanned copy of the company’s business license.
2. Identity proof of the company’s main contact and beneficiary (the beneficiary refers to the natural person or legal person who holds 25% or more of the shares in the company).
3. Personal expense bills of the main contact person and beneficiary: any daily expense bills within the past 90 days.
4. Company bank statement: The company name is consistent with the company name on the business license; the bank name and logo; the bank where the account is opened must have a bank account; if the statement has a date, it must not be issued within one year from the date of opening Dates acceptable; individual seller provides personal bank statement, same required.
5. Authorization letter: If the primary contact is not the legal person or beneficiary of the company, Amazon will require the seller to provide an authorization letter, and the account is actually operated by the main contact authorized by the legal person.
6. Company’s daily expense account: Amazon requires sellers to provide company’s daily expense account for sellers registered in Hong Kong and Taiwan (mainland companies do not need to provide it).
The above are some KYC review issues shared with Amazon sellers. I hope they will be helpful to sellers. I hope that the seller will comply with laws and regulations in future operations, so that the store can develop in the long term.